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April 29, 2016 Dan Jamison discusses LPL Financial's plan to create a mutual-fund-only brokerage account and curtail its directly placed fund business. "Recruiter Jon Henschen wonders if the new account will charge for systematic withdrawals and investments, or hit clients with inactivity fees—small charges that he says “torment” reps." Read the full article on Financial Advisor. ...
April 4, 2016, Financial Advisor Magazine Author Dan Jamieson's article opens with, "It wouldn’t be an overstatement to say that independent broker-dealers spent the first two weeks of March in a state of paralysis, awaiting the final outcome of the Department of Labor’s fiduciary rule...
March 28, 2016 By James J. Green, ThinkAdvisor RCS Capital Corp. (RCAPQ) announced Monday that some of the holding companies of its broker-dealers, and other debt holders, filed a prepackaged plan of reorganization under Chapter 11 with the U.S. Bankruptcy Court for the District of Delaware. Larry Roth, CEO of the IBD network Cetera Financial Group, which RCAP purchased in January 2014 and includes 10 broker-dealers, said in a statement that the filing “puts us in the home stretch to complete our transformation into a Cetera-only organization that is independent, well-capitalized and privately owned.” He said the reorganization, now scheduled for completion by May 2016 (pending bankruptcy court, regulatory and other approvals) “will truly be a fresh start for Cetera that will include significant additional capital for us.” That capital will help fund a...